TransEuropean IV, a new closed-end, valued-added cross-border property fund established by Rockspring Property Investment Managers, has acquired eight assets in the Benelux, France and Spain for EUR 152 mln. London-based Rockspring said the fund purchased retail warehouses in the Dutch city of Hoorn and in Sandweiler in Luxembourg. The fund acquired high-street retail units in Puerto Banus in Spain; offices near Paris; light industrial properties near Paris and car showrooms in the Netherlands.
TransEuropean IV, a new closed-end, valued-added cross-border property fund established by Rockspring Property Investment Managers, has acquired eight assets in the Benelux, France and Spain for EUR 152 mln. London-based Rockspring said the fund purchased retail warehouses in the Dutch city of Hoorn and in Sandweiler in Luxembourg. The fund acquired high-street retail units in Puerto Banus in Spain; offices near Paris; light industrial properties near Paris and car showrooms in the Netherlands.
Rockspring did not give additional details about the acquisitions, but the company said TransEuropean IV is designed to acquire properties in the EU and EU-accession countries in the retail, office and industrial sectors.
The fund has secured commitments of EUR 274 mln from 13 international institutional investors in eight countries. The investors, some of whom invested in previous TransEuropean vehicles, include the School Employees Retirement System of Ohio, Woelbern Invest, Industriens Pension, Vital Forsikring, Windsor Trust and the National Pension Fund of Korea. With gearing, the new fund will have EUR 600 mln in spending power.
Rockspring was founded in July 2004 as an independent property fund manager as a result of a management buyout from US company Prudential Financial. At end-September 2007, Rockspring had gross assets of EUR 6.3 bn in funds under management and undrawn commitments.
